Equities wrapped up the week with its biggest weekly gain this year as a weaker-than-expected jobs report stoked hopes that Federal Reserve rate hikes are now in the rearview mirror, pushing Treasury yields sharply lower.
Stocks were in a rally mode Thursday, buoyed by a slump in Treasury yields on bets that the Federal Reserve is done raising interest rates after holding its benchmark rate steady for the second meeting in a row.
Equities ended higher overnight following a slump in Treasury yields after the Federal Reserve kept rates steady for second-straight meeting.
Equities ground higher overnight, led by big tech, ahead of the earnings from Apple later this week, and the Federal Reserve’s interest rate decision due Wednesday.
Equities bounced overnight, led by big tech, ahead of the earnings from Apple later this week, and the Federal Reserve’s interest rate decision due Wednesday.
Big tech regained some ground after a rough week and the DOW slumped as investors digested contrasting corporate earnings as Amazon and Intel impressed, but underwhelming results from oil majors including Chevron left energy stocks nursing heavy losses.
The so-called Magnificent Seven – Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla – have wiped about $US200 billion off their value following this season’s reporting results.
Todays close in the S&P500 notches a fifth daily decline in six sessions, closing below the key 4,200 level. The Nasdaq slumped to 4-month lows, having its biggest single-session percentage drop since February, breaking the key 14,500 level, also the 200ma
Stocks finished higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.
Equites were mixed to higher as Tech stocks started the week on the front foot as investors look ahead to big tech earnings, with Microsoft and Alphabet set to report September quarter results on Tuesday.
Equites closed out the week with a loss as worries about escalating conflict in the middle east, mixed earnings and the rally in treasury yields this week was too much for investors.
Powell’s elucidations on economic resilience and fiscal paths ignite an upward trajectory in bond yields, simultaneously casting shadows on the equity market’s performance.
